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U.S. stocks drop on tapering concerns

January 27, 2014 , ,

Stocks tumble as global jitters persist

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  • U.S. stocks decline after as investors await for the possibility of Federal Reserve tapering of its $75 Billion stimulus program as officials meet to come to a conclusion in a two day meeting that ends January 29.
  • U.S. stocks extended their loss as December homes sales fell and weakness in emerging markets pointed to lower demand for U.S. exports.
  • December new home sales fell for a second consecutive month (by 7%) though overall, sales for 2013 were still at their highest level in five years.
  • The Federal Open Market Committee’s policy meeting announcement takes place at 2 p.m. EST on Wednesday.
  • The S&P 500 lost 0.4% to 1,783.92 while the Dow Jones Industrial Average was little changed at 15,872.97. The Nasdaq was tumbled 0.9% to 4,090.03.
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